EUR/GBP – 30M – SELLThe combination Euro/British Pound (EUR/GBP) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 0.85107 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 0.85455 should always be considered.
Consider stop-loss settings accordingly.
There is also a ‘Three Outside Down’ candlestick chart pattern is found. The candles show ‘Three Outside Down’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.85649 |
| 2nd High | 0.85472 |
| Next High | 0.85455 |
| Current Price | 0.85359 |
| Next Low | 0.85107 |
| 2nd Low | 0.84694 |
| 3rd Low | 0.84483 |
0.85455 – 0.85472 – 0.85649 – 0.85107 – 0.85204 – 0.85307
Trading Signals: FOREX – EUR – EUR/GBP – GBP – Three Outside Down